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IFC, a member of the World Bank Group, has increased its investments in large-scale infrastructure projects in North Africa and across the rest of the Middle East
IFC sealed a deal on a US$208mn debt package to finance the construction of seven solar photovoltaic plants in Jordan. This will be one of the largest private sector-led solar projects in the MENA region, and winner of Infrastructure Journal’s prestigious Middle East Renewable Deal of the year award.
“With demand for infrastructure, especially power, rising rapidly every year in the region, these projects demonstrate the importance of the private sector in increasing capacity and boosting renewable energy generation,” said Wiebke Schloemer, IFC's regional industry head of infrastructure in Europe, the Middle East and North Africa.
“The region is blessed with an abundance of natural resources so the opportunities in this sector are immense.”
IFC also invested US$25mn in pioneering power firm Alcazar Energy to help launch a series of renewable energy projects in the Middle East, Turkey and Africa to develop solar and wind power plants.